Nagpur: Well known Sunil Hitech Engineers group owned by industrialist Ratnakar Gutte had a bad day on Wednesday as 14 of its commercial and residential premises including 6 in Nagpur were raided by Income Tax sleuths.
Although officers of I-T department were tightlipped over the operations, sources claimed that large amount of unaccounted cash, jewellery and incriminating documents have been seized by the I-T sleuths. The operation is likely to continue on Thursday also.
The sleuths of investigation wing of the Income Tax Commissionerate Aurangabad swooped down on the premises while the sources were abuzz over the factors leading to the raid. Well it turned out that it all started with an act of pomp by Gutte’s son-in-law Rajesh Fad who lives in Parli. Few months back Fad chartered a chopper to please his mother’s wish to take the joy ride. Fad is the state unit president of Youth Wing of RSP and his mother is Sarpanch of Kanherwadi village near Parli. When Fad called for hired helicopter it soon become the talk of the town and the news reached I-T department also. The sleuths exercised constant vigil on Fad’s finances and business dealings. Owing to Fad’s relationship with Gutte, the investigation naturally turned towards Sunil Hitech group whose multicrore turnover through group of industries led to Wednesday’s raid. Source also said that five years ago, Gutte’s younger son Vijay shifted to Mumbai and set up an online film editing studio in Bandra which also was raided on Wednesday.
The locations where the raids began at 8.30 a.m simultaneously include, Nagpur, Butibori, Hingna MIDC, Parli, Gangakhed, and Bandra Mumbai. Over 15 teams of five officers each were deployed by I-T department to carry out the operation, which went till the end of the day.
The premises in Nagpur include Sunil Hitech”s two offices at VIP Road and Civil Lines, two residential premises in Civil Lines and Ramdaspeth, fabrication factory at Butibori and site office at Hingna MIDC area. Apart from these locations I-T sleuths also raided Gutte’s residence and office of Ratnaprabha Sugars at Gangakhed in Parbhani district and Gutte’s family residence in Parli in Beed district. The sleuths also swooped down on a Online film editing studio of Gutte’s younger son Vijay in Bandra Mumbai and his residence.
The promoter of Sunil Hitech Group, 56 year old Ratnakar Gutte, is a completely self-made entrepreneur and has set up Sunil Hitech Engineers way back in 1995. The company has expertise in erection of thermal power plants on contractual assignments for NTPC, Mahagenco and other state electricity utilities and big corporates such as L&T, Tata, Reliance and many others. In 2006,, the company went public and was listed on BSE also.
Tracking Turnover of Sunil Hitech
The Group also has diversified into real estate business three years back. The business now is looked after by Ratnakar Gutte’s elder son Sunil from Nagpur. The company at present has a turnover of Rs 600 crore. Some years back, Gutte, who is a native of Parli, diversified into sugar industry and set up Ratnaprabha Sugars at Gangakhed in Parbhani district. The sugar factory has crushing capacity of 400 tonnes per day and also produces 400 million liters of extra neutral alcohol (ENA) from molassis. The Ratnaprabha Sugars has a turnover of Rs 800 crore and Ratnakar Gutte himself looks after the business.